Indicating that a lender has committed to provide new financing for the stalled Petoskey Pointe project, a partner in the venture told Petoskey City Council members Monday that his firm would like more time to fulfill business obligations to the city.

Lake Street Petoskey Associates partner David Jankowski's visit to Monday's special council meeting was his first local appearance concerning the project since 2006.

Work on Petoskey Pointe stalled last year after developers lost their previous financing for the hotel/condominium complex.

Jankowski did not disclose the new financing source's identity. In an interview with a Petoskey News-Review reporter, he said he wants to make sure he has "a copasetic group of people (in Petoskey) here that are not going to sabotage me."

The Petoskey Pointe developer did say the lender was California-based.

"They use hedge funds, as well as private equity," he added.

Jankowski said he expects closing on a bridge loan by December, with a conventional loan likely to be finalized a month or so later.

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The city has an agreement with developers through which it plans to acquire a portion of Petoskey Pointe's parking garage when complete. In exchange for land it provided to developers for use in the project, the city is to receive a $970,000 credit toward the $6 million-plus purchase.

The contract requires developers to have the complex substantially complete by Nov. 2, but a foundation has yet to be installed at the site. Expecting that work could be resumed as early as next week, Jankowski estimates that his firm will need an additional 18-24 months to finish the project.

Asked by council member Bob Johnson whether developers were seeking an extension, Jankowski said, "Yes, that's why I'm here. If I didn't have a loan from a bonafide lender and want an extension, I wouldn't be here."

Some city officials voiced frustrations about the limited contact Jankowski previously had had with them.

"You've really put this community through real soul-searching times in the last two years with this project," mayor Dale Meyer told the developer. "I think we certainly would have preferred to see you here on a more regular basis, even if there's nothing to report."

Added Johnson: "I hope in the future as you take it upon yourself to do this project that you'd try to stay in contact with the community a little bit better."

Meyer said he sees potential economic benefits for the community from Petoskey Pointe, but added that council members likely will have conditions to attach to their agreement with developers.

"We need to see evidence that there is a solid commitment for financing," council member James Dittmar said.

In the coming days, council members are to provide their individual comments on the extension idea to city manager George Korthauer, who will forward them to Anthony Mavrinac, Petoskey's special attorney for Petoskey Pointe matters.

"The actual extension, I would recommend that it be a written document to be approved by city council, not something to be abstract," Mavrinac said.

The council voted 3-2 to have Mavrinac be at the regular Nov. 3 meeting for discussion of Petoskey Pointe. Johnson and council member Cynthia McWatters, who cast the dissenting votes, said it might be better to have Mavrinac attend a later meeting.

Following the council's dialogue with Jankowski, city resident Justin Rashid said: "With all due respect, I believe what we just witnessed is a remarkable piece of political theater."

Noting that it took place days before an election - in which the city's approach to Petoskey Pointe has become an issue - and the developers' deadline, Rashid said it seemed like some council members' comments were rehearsed, and that some seemed more aware than others that Jankowski would be visiting.

"I would say that trust has not been restored in the minds of most of the people of Petoskey," he added, noting that he hadn't heard any new or verifiable information.

After the meeting, Meyer said the timing of Jankowski's request did not have a connection to next week's election, in which Petoskey Pointe is shaping up to be an issue in some local races.

The mayor noted that the developers' deadline had been pushed back three months to the same timeframe as the election because of the time it required to conduct a citizen-initiated 2005 referendum on the project, and that developers' financing had only recently come together.